Over 80 per cent Indians are planning to celebrate the holiday season with family and look to spend the most on travel and shopping, a survey said. According to the Amex Trendex, a trend report from American Express, 88 per cent Indian respondents agree that they want to earn credit card rewards for online purchases this holiday season.
The survey, however, did not mention the number of respondents.
“With a desire to spend more quality time with loved ones 8-in-10 (87 per cent) Indian consumers agree that they are thinking about starting or restarting the tradition of traveling during the holiday season as they agree that their fondest memories are from holiday family vacations,” the survey said.
Supporting the local economy is important for Indian consumers as 6-in-10 respondents are planning on spending more at small businesses this holiday season compared to 2021, Amex Trendex said.
“We see two strong shifts in the Indian consumer’s spending patterns this holiday season. One, there is higher indulgence in experiences they would like to share with family and friends and two, there is a shift towards more thoughtful gifting like sustainable products from local brands, thereby supporting smaller entrepreneurs or local shop owners,” American Express Banking Corp India CEO Sanjay Khanna said.
The Amex Trendex report said majority of the respondents have expressed their intention to spend their holiday season by experiencing at least one event.
Given that offline events have made a comeback, 62 per cent respondents are inclined towards music festivals, whereas 56 per cent are looking forward to a sporting event.
The Amex Trendex is a trend index that tracks how consumers, small businesses, and merchants are feeling about spending, saving, travelling and more. Data is sourced on a monthly basis in the United States and biannually globally, including in the UK, Australia, Japan, Mexico, India, and Canada.